Introduction to Economics: Syllabus

Syllabus: Microeconomics:

Part I: Introduction: Thinking Like an Economist:

Lecture: Thinking Like an Economist (Read Frank et al. chs. 1-2) (2016-01-20 We) Webcast
- Assignment: READ! Partha Dasgupta (2007): Economics: A Very Short Introduction http://amzn.to/1ZpuFCQ (Oxford: Oxford University Press: 9780192853455)

Part II: What Markets Get Right:

Lecture: Supply and Demand (Read Frank et al. chs. 3-4; note that ch. 4 we essentially skip) (2016-01-25 Mo) Webcast
- Section Exercise 25/26
- Assignment: Letter to GSI due (2016-01-25 Mo/-26 Tu)
Lecture: Equilibrium and Surplus (ch. 5) (2016-01-27 We) Webcast
- Section Exercise 27/28
Lecture: Surplus II, Quotas, and Price Ceilings (chs. 6-7; note that ch. 6 we largely skip) (2016-02-01 Mo) Webcast
- Section Exercise 1/2
- Assignment: Problem Set 1 due (2016-02-01 Mo/-02 Tu) | Problem Set 1 Answers
Lecture: Shifting and Tilting Supply and Demand Curves (2016-02-03 We) Webcast
- Section Exercise 3/4
- Assignment: Problem Set 2 due (2016-02-10 We/-11 Th) | Problem Set 2 Answers

Part III: Where and How Markets Go Wrong:

Lecture: Market Power Webcast (ch. 8) (2016-02-08 Mo)
- Section Exercise 8/9
Lecture: Calculating Monopoly Webcast (2016-02-10 We)
- Section Exercise 10/11
Lecture: Regulating Monopoly and Strategic Interactions Webcast (ch. 9) (2016-02-17 We)
- Section Exercise 17/18
Lecture: Externalities and Property Rights Webcast (ch. 10) (2016-02-22 Mo)
- Section Exercise 22/23
- Assignment: Problem Set 3 (market power) due (2016-02-24 We/-25 Th) | Answers
Lecture: Instructor Reality Check Webcast (2016-02-24 We)
- Section Exercise 24/25
Lecture: Information Economics and Adverse Selection Webcast (ch. 11) (2016-02-29 Mo)
- Section Exercise 29/1
Lecture: Benefit-Cost Analysis Webcast (ch. 13) (2016-03-02 We)
- Assignment: Problem Set 4/Sample Midterm due (2016-03-02 We/-03-03 Th) | Answers
Lecture: Review Webcast (2016-03-07 Mo)
We: MICRO MIDTERM (2016-03-09 We)

Part IV: Broader Political Economy Issues:

Lecture: Income Distribution and Labor Markets Webcast (ch. 12) (2016-03-14 Mo)
- Section Exercise 14/15
Lecture: Public Goods and Political Economy Webcast (ch. 14) (2016-03-16 We)
- Section Exercise 16/17
Over Spring Vacation: read Tom Slee, Nobody Makes You Shop at Wal-Mart and Milton Friedman and Rose Director Friedman, Free to Choose (2016-03-17 Th/-27 Su)
- Assignment: Short Paper due (2016-03-28 Mo/-29 Tu)

Syllabus: Macroeconomics:

Part V: Measurement, Growth, and the Circular Flow:

Lecture: Measuring the Macroeconomy Webcast (chs. 15-17) (2016-03-28 Mo)
- Section Exercise 28/29
Lecture: Economic Growth in the Very Long Run Webcast (ch. 18) (2016-03-30 We)
- Section Exercise 30/31
Lecture: Long-Run Economic Growth/Introduction to Finance Webcast (ch. 19) (2016-04-04 Mo)
- Section Exercise 4/5
Lecture: Monday, Finance, and Business Cycles Webcast (chs. 19-21) (2016-04-06 Mo)
- Section Exercise 6/7
- Assignment: Problem Set 5 (growth) due (2016-04-06 Wu/-07 Th) | Answers

Part VI: The Keynesian Approach to Macroeconomics:

Lecture: Income and Spending Webcast (ch. 22) (2016-04-11 Mo)
- Section Exercise 11/12
Lecture: The Federal Reserve and Monetary Policy Webcast (ch. 23) (2016-04-13 We)
- Section Exercise 13/14
- Assignment: Problem Set 6: The Keynesian Model due (2016-04-13 We/-14 Th) | Answers
Lecture: Aggregate Demand and Aggregate Supply Webcast (ch. 24) (2016-04-18 Mo)
- Section Exercise 18/19: Inflation
Lecture: Macroeconomic Policy Webcast (ch. 25) (2016-04-20 We)
- Section Exercise 20/21: Aggregate Supply
- Assignment: Problem Set 7: Monetary Policy due (2016-04-20 We/-21 Th) | Answers
- Assignment: Problem Set 8: Macroeconomic Policy and Review due (2016-04-27 We/-28 Th) | Answers

Part VII: International Issues:

Lecture: The International Economy Webcast (ch. 26) (2016-04-25 Mo)
- Section Exercise 25/26: Dollar Cycles and Monetary Policy

Part VIII: Conclusion:

Lecture: FINAL REVIEW Webcast (2016-04-27 We)
R&R Q&A in Wheeler Auditorium (2016-05-04 We: 7:30-9:15)
Final DeLong Office Hours in Evans 691 A (2016-05-04 We: 9:15-12:00)
Section Review Meetings (2016-05-04 We/-05 Th)
- Assignment: Problem Set 9: Sample Exam (with answers)
2016-05-09 Mo: FINAL EXAM 3-6 PM RSF Fieldhouse

Brief Outline:

Part I: Thinking Like an Economist (2016-01-20)

Part II: What Markets Get Right (2016-01-25 to 2016-02-03) * Supply and Demand * Economic Surplus * Government Disruption of the Market Economy

Part III: Where and How Markets Go Wrong (2016-02-08 to 2016-03-16) * Market Power: Monopoly and Natural Monopoly * Externalities and Property Rights * The Economics of Information * Adverse Selection and Moral Hazard

Part IV: Broader Political Economy Issues * Labor and Distribution * Political Economy and the Economics of Politics

Part V: The Aggregate Economy: Measurement, Growth, and the Circular Flow of Purchasing Power (2016-03-28 to 2016-04-06) * Measurement and Growth * Finance and Money * The Business Cycle

Part VI: Keynesian Macroeconomics (2016-04-11 to 2016-04-20) * Income and Spending * Aggregate Demand and Aggregate Supply * Macroeconomic Policy

Part VII: Yet More Issues (2016-04-25 to 2016-05-09) * The International Economy * What We Have Left Out

FINAL